Cineworld share price is looking to stage a recovery after the company said its revenue was starting to pick up following recovery from the pandemic. The 2nd largest cinema operator in the world said that revenue inflow is now at 90% of pre-pandemic levels, with demand in the UK and Ireland exceeding 2019 levels on Monday.
New movie releases such as the latest in the James Bond series No Time to Die are driving interest in a return to cinemas as vaccinations continue to be ramped up. The Cineworld share price jumped 6.55% on Monday when the announcement was made but has since retreated close to a major support level that has held since 21 July.
Cineworld Share Price Outlook
The 60.26 price support continues to serve as the potential pivot for the bulls. This 5-month support needs to stay intact for another upside push to have a valid prop point. Any upside move that uncaps 69.72 could find an additional barrier at 77.20 and the 200-day moving average. 82.32 and 89.52 are additional price targets to the north.
On the flip side, a breakdown of the 60.26 support opens the door towards 52.64. However, this move has to come at the expense of the 19 July low at 56.00. A further decline below 52.64 targets 44.94 (20 August 2020 low).
Cineworld: Daily Chart
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